Proposed white knights for China Fibretech commit to special audit

Singapore

CHINA Fibretech, whose shares remain suspended from trading since November 2015, has roped in six new shareholders, including a unit under Beijing State-Owned Assets Supervision and Administration Commission, which have agreed to fund a special audit and inject fresh funds to rejuvenate the company.

The Fujian province-based S-chip was listed on the main board of the Singapore Exchange (SGX) in June 2008. But by the time trading in its shares was suspended in Nov 30, 2015, as much as 90 per cent of its market value had been wiped out.